HaLLiford School SHEPPERTON Halliford School Limited Governors, Report and Financial Statements For the year ended 31 August 2025
Contents Legal and adrninistratbve details................................................................................................ Governors, Report............................-..-.............. Vision, Mission Statement, Aims and Key Activtties.................................................................. Governance and Management.-................................................................................................ strategic Report ......................................................................................................................... Statement of Governor< Responsibilities..........................-..................................................... 17 Independent Auditorfs Report to the members of Hallrford School Limtted . .18 Statement of Financial Activities.................-............................................................................ 22 Balance Sheet.................................................................... ......................................................23 Statement ofcash flows..........................................................................................................24 Notes to the Financial Statements..............................-..............................................-.............25
Legal and administrative details Full name and registered address of the charity Halliford School Limited Russell Road Shepperton Middlesex TW17 9HX Cha rity status Founded in 1921 Halliford School was privately owned until Decembef 1956 when it was incorporated as a company limited by guarantee. where the liability of the member5 is limited to £1. and not having share capital. Re-named asshepperton Grammar School Ltd the School retained this name until December 1971 when it reverted to Halliford School Ltd. The governing document of Halliford School Ltd are the Articles of Association which were adopted by Special Resolution dated 25, January 2022 and approved by the Charity Commission 28, April 2022. Charity registration number- 3120 Company registration number- (L1575324. Governor5 and Directors ofthe Company The following were both Governor5 of the School and Directors of the Company during the period of this report. Finance Commlttee Acadernic and Staffing Committee Health and Safety Commlttee (Joint Chairl Safe8uardlnB / Pastoral Committee Marketin8 Committee Mr K Woodward (Chairl Mrc Squire Mr M Crosby Mr B Harris O Ichairl / ljoint Chalrl Mrs P Homer MrA Lenoel Or M Sachania Miss A. Wall Mrj Sharp M5 A Stalk S Rabett K Gen {Chairl Ichairl rf Ichairl Governors. Report and Financial Statements 31 P a g e
Headmaster and Senior Staff Mr J Davies Headmaster Mrs E Sanders Bursar. Clerk to Governors and Cornpany Secretary Mr R Fulfr)rd Deputy Head Acadernic Mrj Norman Deputy Head Pastoral Mr S Slocock Assistant Head Co-curricular MrACarroll Head of Sixth Form Mr M Shales Director of Student Welfare MrG Btsyes Director of Teaching and Learning Professional advisers Bankers National Westminster Commercial Bank 280 Bishopsgate London EC2M 4RB Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Legal Veale Wasbrough Wizards Orchard Court Orchard Lane Bristol BSI 5WS Governors, Report and Financial Statements 4 | P a g e
Governors, Report The members of Halliford School Governing Body present for the year ended 31" Au8USt 2025 their Annual Report under the Charities Act 2011, incorwrating their Governor< and Strategic Report under the Companies Act 21X)6, together with audited financial statements of Halliford School. The financial statements comply with the Charities Act 2011. the Companies Act 26. the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Prartite applicable ro charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Vision, Mission Statement, Aims and Key Activities Halliford School is a thriving independent day school based in Shepperton for boys aged 11-18 and gir15 aged 16-18. Vision of Halliford School To be acknowledged as the small independent school of choice for 11-18 year olds, where we are proud to belong to a thrivin& happy and a5pirational community that is committed to each student as an individual. Mi5510n Statement Halliford School is based on strong farnily values where we know and respect every student as an individual. We encourage and support Hallifordians to flourish and become the best version of themselves that they can possibly be. We aim for excellence by bein8 academically arnbitious but at the same time academically sensitive. We inspire Hallifordians within a community that is founded on high quality teaching and leaming, outstanding pastoral care and first-class sportin& cultural and co-curricular opportunities. Aims To provide a stimulating learning environment for boys 11-18 and girls 16-18 where we promote academic excellence and provide opportunities to realise the full potential of every individual to become the best version of themselves To provide a wam)-hearted family ethos in which every student is known and valued as an individual To enable each individual to discover and develop his/her talents, chararter. creativity, resilience and ability to work within a team by providing a balanced and wide-ranging co- curricular programme To create an environment in which all members of the school community feel supported and valued and able to contribute positively to the lives of others by providing a culture of outstanding safeguarding and pastoral care To equip our students for the world they will encounter beyond Hallrford School Governors. Report and Financial Statements 51 P a g e
Values Our students and staff identffied the following values as being at the heart of what it means to be a Hallifordian.. Intellectually curious Respectful Warm-hearted Team players Creative Resilient As an educational charity, the parents of our students have the assurance that all the income of the School is used for educational purposes a5 described by the following objectives of the charity: To establish and maintain an independent day school for the education of both boys and girls. To establish or acquire as a going concern and carry on or manage elsewhere, any subsidiary, affiliated or other schools for the education of boys and girls in connection with the above mentioned School, and to Supply to such studenys instruction, together with physical. moral and religious trainin& and to provide accommodation for Staff and students being boarded, and mea15 for those takin8 meals at school, but so that each such school shall be carried on as an educational charity- In December 2024 the charity registered for VAT and this has been added at 20% to all tuition fees. Since April 2025 the School no longer benefits from Business Rate Relief IBRRI. The introduction of VAT on fees has placed significant pressure on parents. finances and the loss of BRR places additional pressure on the School being able to sustain our bursary wlicy and provide a means bv which we can educate some children whose families would otherwise not be able to afford the fees and therefore access the education offered. Key activities The Governors understand the qUirement to deliver a rich and broad educational experience to all students. Through their strategic direction. governance and risk managernent they seek to ensure the School has both the resources and operating framework to enable it to provide a friendly. family orientated and sUPPOrtive environment in which all students are known as individuals by most, if not all, staff. They are equally valued and supported regardless of race. religion. gender ond disability. The School works to ensu all students are grven the same opportunity to learn and develop and, in so doing, provide a wide array of support to students whether they face individual challenges to their abilFty to learn or are potentially high athievers. We offer a number of Academic, Music. Art. Drama, Em and Sports Scholarships forentry to Year7 and the Sixth Form. Scholarships are awarded on the basis of the individuals exceptional lacademic, musical, artistic nd sportingl ability and potential. Candidates are encouraged to apply for a means iested bursary to supplement their scholarship rf financial constraints are a consideration. We advertise these on our School website. Bursary awards, which are available to all who meet the School< general entry requirements, are made 501ely on the basis of parental Means or to relieve hardship (for example in the case of dundantVI or where studenys education and future prospects would otherwise be at risk. Bursary awards can be given up to lOO% fees discount. Our School does not have a large endowment fund and in funding our awards we have to be mindful that we must ensure a balance between fee paying parents, many of whom make considerable personal sacrifices to fund their children's education, and those benefitin8 frorn the award. Our School welcomes students from all backgrounds. however, we need to be satisfied that we will be able to educate and develop a prospective student to the best of their potential and in line with the general standards Governor5. Report and Financial Statements 61 P a g e
achieved by their peers. To that end entrance interviews and assessments are undertaken to satisfy both ourselves and parents that potential students could cope with the pace of learning and benefit from the education provided. An individual's economic status, ethnicity. religion or disability do not form part of our assessment process and to help with the continuity of education in families a discount is offered for parents who have more than two children in the School. Thi5 year the total value of awards for scholarships. bursaries and staff remisSn was £795,358 12024 £594.2251. We are an equal opportunity organisation commttted to a working environment that isfree from discfimination and will make reasonable adjustments to meet the needs of staff or students who are. or become. disabled. In summary, the role of our School is to provide students with a range of educational opportunities within which they can fully realise their individual potential. Our airns are for the public benefit, and we have considered the Charity Commission's Guidance. Governance and Management Board of Governors The number of Governors elected to the Board must be not less than 8 and not more than 20. Governor5 are encouraged to attend seminars organised by the Association of Governing Bodies of Indepelldent Schools IAGBISI and other accredited organisations as appropriate. Upon election to the Board of Governors new Governors visit the School. are briefed by both the Headmaster and the Bursar, and are provided with a new Governors, Information Pack containing information about the School. Governing Body information, School policies and training available. The Governors are the company directors and trustees of the Charity and have control of the Charity and its property and funds. On appointment as a Governor. a Governor shall automatically become a Member of the Charity. The normal term of office for a Govemor shall be four years. provided that the Governors may determine that the Governor shall in fact retire at the end of a meeting of the Board of Governors held within six months of the end of the Governor's term of office. Governance The Board of Governors continue to keep the School's activities under review and in particular, risk identification and. where appropriate, mitigation (including Insurance coverl and the effectiveness of internal controls. The Board of Governors meet once per term to review the reports of the sulFcommittees and determine both the strategic direction and policies of the School. In addition. the Executive Committee has powers to meet and reach detisions on issues requiring urgent attention. Sub-committees for the financial year ended on 31 August 2025 were= Finance Committee Academic and Staffing Committee Health and Safety Comrnittee Marketing Committee Safeguardin81 Pastoral Committee The Governors and the Senior Management Team comprise the key management personnel of the charity in charge of running and operdting the School on a day-to-day basis. All Governors give their time freely and no director received remuneration in the year. Governors. Rert and Financial Ststements 71 P a g e
The pay of all staff is reviewed annually and the Govemors benchmark against pay levels in other independent schools of a similar size. Related Organisations Halliford School has a wonderful and supportive group of parents who arrange various fundraising events for the School. They are run as a separate organisation and any ndS raised by the PTA are donated to the School. The School assists with their Gift Aid claims. Govemors. Report and Financial Statements 81 P a 8 e
Strategic Report Achievements and performance In the year ending 31" August 2025 students on roll in School was 494. The termly core tuition fees. before any deduction of any means tested bursaries and scholarships for the year ending 31 August 2025 was £7.5(Kl for the Autumn Term and for the Spring and SummerTerms net tuition fees were reduced to £7,200 when VAT was introduced in January 2025. Academic We were delighted with the excellent results for students as we continue to see a consistent trend of overall improvement. We are once again able to celebrate with our best GCSE results ever recorded in our history as a school. The value-added results for our students placed us in the top third of schools nationally which is remarkable achievemellt for a school of our size. GCSE Examination Results GCSE 2025 2024 2023 Candidate5 76 75 % Pass Grades 9-4 IA'CI 99 99 95 A Level Examination Results We were delighted to see our students achieve a further set of excellent results with 58% of all grades at an A' B. This is o superb achievement gNen the broad range of academ abilities we welcome at Halliford School. These grades also enabled a record number of 97% of students able to 80 on to the University orApprenticeship routes of their choite. Nearly 50% of students are moving on to study at Russell Group Universities this year as sult of their incredible results. A Level Candidate5 2025 51 2024 35 43 % Pass (Grades A'_Bl % Pass (Grades A'_El 58 55 55 Ic 99.7 99.5 Culture The Art department hosted an exhilarating Arts Week in the Spring Term, featuring a diverse array of events that captivated students and staff alike. From hands-on workshops to enlightening talks and gallery visits, the week-long celebration showcased Halliford's commitment to cultivating artistic expression and appreciation. The annual Art Exhibition Saw the art studKJ turned into a gallery wtth a wonderful display of students, GCSE and A-Level artwork. There were various Interhouse competitions throughout the School year including a Pumpkin Carving competrtion. the annual Christrnas Card Competttion. Debatin8 and Photography. Govemors, Report and Financial Statements 9 | P a g e
Students took part in numerous Quizzes and Challenges throughout the year including the World Book Day Quiz, the National Reading Champion5 Quiz. the Schoo15 Challenge UK Quiz, the British Biology Challenge ond the Biology Olympiad. A group of Halliford'5 most talented linguists took part in the 2025 UK Linguistics Olympiad. They performed exceptionalty well. earning both gold and silver rtificateS at breakthrough level. Lower Sixth Politics students took part in the RA Butler Prize. an essay competr(ion jointly organised by Trinity College Cambridge and Cambridge Universitrfs Department of Politics and International Studie5. One of our students reached the 'lon8lisV of top essays and received a commendation from the prize panel. A group of students in the Sixth form founded their own company. Echelon. as part of the Young Enterprise Competition. Their product Eco-Etch vnn the Sustainability Award. a recognition of their commitment to environmentally responsible business practices. Drama During the Autumn Term all student5 in Year 8 presented a spectscular'shakespeare-ience. evening. In February, drama students brought Mark Haddon's acclaimed novel The Curious Incident of the Dog in the Night-Tirne to life on stage in the newly refurbished John Crook Theatre. Senior drama students put on two short performances in the SummerTerm-The Mobile Phone Show & Chatroom. Halliford continues to offer the LAMDA ILondon Academy of Music and Dramatic Artl speech and drama curriculum and students in all year groups have received distinttions. Music The music department works incredibly hard to offer a wide range of musKal opportunities to students and in the Winter term were proud to entertain audiences at the House Music Competition, Winter Concert. Informal lunch lime concerts and various Carol Seryices. The Spring Temi started with the annual Battle of the Bands competition bringing the school community together to celebrate the incredible musical talent on show. The evenin8 was filled with electrifying perforrnance5, friendly competith)n and a shared appreciation of wonderful music. The highly anticipated Young Musician Competition showcased an impressive array of talènt from students across the school as they took to the stage to demonstrate their musical abilities. In the final few weeks of the Summer Term, a selection of Halliford musicians. both staff and students, came together to form the pit band for Bug5y Molone, a local community theatre production held at the Cecil Hepworth Playhouse in Walton. The final music event of the academK year was the Summer Concert, with the courtyard packed to capacity. The atmosphere was one of celebration and musical joy. Events and School Trips Events and Trips are an integral part of the education offered by the school, and a selection of trip5 covering academK, cultural. and sporting activitses included the following= European Day of Languages Year 8 Trip to Hampton Court Palace Tall Ships Sailing Expedition Geography Trip to Iceland Spanish Exchange Trip Music Trip to see Wicked the Musical A Level Biology Trip to Science Lrve Year 10 Business studies trip to Cadbury World Lower Sixth Team building afternoon Year 11 Geography Field Trip to the London Docklands Lower Sixth History Trip to the National Archives Music Trip to see Mahlerfs Fwfth Symphony Govemors, Report and Financial Statements 10 I P a g e
Onatti Theatre compan¢s perforniance at Hallrford School of their Spanish play. Primera Cita Halliford Ski and Snowboard Trip to Ginada Art Trip to the Tate Modem Year 8 Rugby Tour to Bristol Year 9 Barcelona Football Tour The official opening of The Forum by Professor Robert Winston Year 10 Geography field trip to the River fillingbourne neaf Dorking German tTlP to the Goethe-lnstitut Academic Collaboration Week Year 7 Trip to Northern France Year 8 Residential trip to Cuffley Camp Year 9 Trip to Ypres Year 10 Trip to Dorset Lower Sixth Activity Days Sports Day Art Exhibition Speech Day Duke of Edinburgh The Duke of Edinburgh Award continues to be very popular. Year 9 students took part in the Bronze Practice and the Assessed Expeditions in the Surrey Hills, while the Year 10 students went to The South Downs and the New Forest for their practice and qualifying expeditions. Gold Award students undertook their practKe expedition in the Peak District, facing challenging weather conditions. Their final expedition was held in the Lake District. The groups excelled in theirfinal challenge. demonstrating independence and strong leadership. Sport and Co-curricular clubs Halliford School is proud to be able to offer our students a wide variety of learning experiences outside the classroom to support and enhance the learning that goes on insi(le the classroom. We believe these are an invalLJable part of our students. education and strongly encourage students to participate. Holliford School's philosophy of 'sport for all, is evident in the number of students who participate in some form of sport, whether competitively or simply to take part and improve their skills. The Autumn Term Rugby Season saw over l(Ki fixtures played atross oll age groups. To See over 250 students pulling on a Halliford jersey in just one term is a testament to the vibrant sporting culture that make5 Halliford school so special. This tenn. students also participated in the Middlesex Rugby Festival and the Independent Schools Association Golf. Spring Term meant the focus for students moved to football and once again, there were exceptional levels of participation and comrnitrnent. This season has been particularly impressive, delivering one of the highest win percentages across the school for many years thanks to the dedication, skill and hard work of the player5 and coaches. Rugby Sevens also takes place in the Spring Term and teams competed in some of the most prestigious tournaments in the school calendar. The Rosslyn Park 75, Millfield Prep School 75. and Surrey County 7s saw Halliford teams display tremendous skill, resilience and sportsmanship, achieving excellent results and reinforcing our growing reputation across Rugby in the area. Governors, Report and Financial Statements 11 | P a g e
The interhouse competitions once again brought out the competitive spirit in students who competed against each other in football, basketball, netball and the ever popular cross country event which was fiercely contested around Desborough Island. These competitions foster a Strong sense of school prbde. teamwork and perseverance. Cricket and Athletics take centre stage in the Summer Terni, with students showing tremendous commitment throughout. Sports Day, a particular highlight, wa5 an uplifting showcase of athleticism, house spirit and community. The atmosphere was electric and the support from staff. students and families made it o truly unforgettable occasion. IndNidual sporting success were also celebrated in numerous fields including netball, Bymnastics. cross- country, football, cricket, windsurfin& sailin& rowin& swimmin& karting and golf. These achievements, some at giOnal, national and even intemational level, are a tesLiment to the diverse sporting talent within our community as well as the encouragement students receive to follow their own sporting jourfteys. Students are offered a wide variety of lunchtime and after school clubs. These are always well attended in all year groups. Clubs range from sport sessions such as rugby. football. tennis and golf, to other clubs such as the Year 8 Sustainability Club. the Year 7 Beyblade Club. Aviation Club. Che55 Club, Photography club and Touch typing. Public Benefit Halliford School takes its responsibiltties as a Charitable Trust very seriously. The Governors are fully committed to makin8 education open to all children regardless of family means. Governors continue to place a great emphasis on means tested bursaries, this year the school awarded E532.058 in the form of bursaries and financial assistance to 50 students {2024: £398,235 to 401. Halliford School has always taken and will continue to take its responsibilities as a charitable trust very seriously. The school will continue to tontribute by maintaining current links and creating new links within the community. Over the past year, Halliford School has: Held a Harvest FestNal in October collerting 19 crates of food. cleaning products and toiletries which was donated to St. Saviourfs in Sunbury and the Greeno Centre in Shepperton Laid a wreath at the Remembrance Sunday Service at the Shepperton War Memorial. and held Remembrance Service at Halliford Sch1 where the whole community were invited Organised Carol singing events at a local garden centre and a local care home Assisted at a local Primary School as part of Outreach week. Outreach week also Saw students Vislting Frensham Great Pond, the school's own pond area in Shepperton as well as other local sites to take part in litter pickin& clearing invasive plants and refreshing fencing with paint and polish Provided car parking for the local Shepperton Fair Contributions to Education in the Community Two members of staff are members of the Goveming Body at local independent schools. Charity Fundraising Charity is at the heart of our ethos here at Halliford School and every year we endeavour to raise funds for various local and national causes. Fundraising organised by the Charity Prefects included the following: Go¥emors' RerK)rt and Financtal Statements 121 P a g e
Movember charity, a charity that aims to raise avrdreness of men's health issues, including mental health and suicide prevention, prostate Canr. and testicular cancer. Students raised just under £7CKKI throu8h events onsite as well as from online donations. Raised £700 for the Mental Health Foundation Held a concert and a talent show which raised over £31 for Comic Relief Held a Christmas Jumper day raising funds for Save the Children Charity Prefects organised Charity Week in the Spring Term, raising over £3,5(Ll for Barnardo's Governors, Report and Financial Ststements 13 | P a g e
Financial Overview Financial Results The financial aternent$ show net income for the year amounted to £1.618,61712024.' £1,LMJ),8661 Incoming Resources of £11.767,660 {2024- £10.129.9471 have increased due to additional students in the Sixth Form. Halliford Sixth Form is very wpular and is at full capacity. Resources expended of £10,149,043 {2024.' £9.129.0811 ha5 increased due to higher personnel costs and fee remissions provided. Net cash inflow from operating activities for the year was £918.22912024: £5,097,691). The School's total unrestricted reserves at the year-end including designated funds (excluding the revaluation reserve) were £13.972.71212024- £12.447.5851. Reserves Policy In balancing the needs of current and fijture beneficiaries Governors consider how the School's reserves can best be utilised to meet the likely challenges and opportunities in the medium to long term and have a8reed that the primary objectives for the reserves are= In the event of a crisis. be able to sustain education provision for those students wf(hin an examination phase until their examinations have been completed. To improve the School environment. School reserves are made up of Unrestricted Funds. Designated Funds. Restricted Funds and an Endowment Fund. Unrestricted Funds Ullrestricted funds must be at least enough to support 3 months of operating costs which would oct as a buffer to ensure the School can fund continuity of educatKJn in a crisis. The unrestricted reserves considered to be sufficient for the immediate needs are £2.(K13.963. This is kept under constant review. Designated Funds The Governors designate any reserves in excess of the E2.(X)3.963 in order for the school to continue to irwest in the improvement of educational, spx)rt and co-curricular facilities Offed. These designated funds represent unrestricted funds which are retained to finance the freehold property and fixed assets as well as earmarked for future capital projects such as further development of school buildings, grounds and additional sports facilities. The Governors review the finans. budgets and spend of the School on a temily basis and as part of the effective stewardship of the School. The construction of the new Drama Studio and The Forurn cornmenced in Summer 2024, and the refurbishment of the school kitchen and the creation of additional dining facilities continued until it was opened in November 2024. In Summer 2025 the refurbishment of the Design and Technology Workshop. Prep Room and storage areas commenced alon8 Wlth the creation of another workshop adjacent to the PC Centre. This work was completed in September 2025 and now allows the school to provide exceptional facilities to the additional students wishing to take this subject up to A Level. Dest8n3ted funds which total £301,240 have been set aside to fund the remainder of this projett in 2025126. Govemors, Report and Financial Statements 14 | P a g e
Restricted Funds These funds are held separately by the School and have been provided for specific items such as prizes, awards, bursaries and scholarships. Total restricted funds are £83.21212024: £83,365). Endowment Funds The endowment fund 15 held to fund education at the discretion of the Governors. Total endowment funds are £105,62612024: 104.3231. The total funds held are E17,034.57612024= £15.415.9591- Going Concern All Governors are very conscious of the economic climate- the declining demographics and the burden VAT has placed on familyfinances in 2025. Our financial position at Halliford School is strong resulting from high student number5 in all year groups and the highest school roll recorded for the forthcoming academic year. Hallrford School is well placed in the local morket to maintain student numbers, but Governors are well aware that the independent sector is demographically shrinkin& schools are merging wtth each other and new schools continue to open which places further pressure. The Governors strategic planning manages the business risk and financial projections are made for 5 years and 10 years. There is an awareness by all Governors that additional school building5 i.e. Woodward Buildin& The Forum. DT Workshops and extensive refurbishment which has been done in the past five years was essential to meet the needs of growing student numbers and parental interest in the School. Governor5 are now rnindful of the need to consider balancing the desire to reduce debt servicing costs with new developments and 5ignfficant refurbishrnent projects. Looking forward The Governing Body along with the Senior Management Team strive to maintain student numbers and financial reserves and ensure there is sufficient investment and development in the school in order for it to continue in the foreseeable future. The aim 15 to reinvest wherever possible financial surpluses raised in order to improve the education of all students by providing the best teaching and sporting facilities and significant resources across the whole school site. The school must continue to reinvest as much financial surplus as possible bv maintaining student nurnber5 in a very competitive market as well as satisfying the bank covenants. The Governors keep the School masterplan which was created in 2020 undeT review with any new futu projects I developments considered. The School aims to maintain and expand its partnership programme with local maintained sector schools and other local cornmunity organisations. The engagement with fomier studÈnts, staff and parents will also continue to improve. Principal risks and uncertainties The Governors are responsible foroverseeing the rsks faced bythe School. Risks are kept under regular review: appropriate controls are established throughout the year. The review covers the major risks and uncertainties common to all independent Schools and the main risks currentty are declining demographics and parental affordability. The Senior Management Team reviews and updates the key risks appropriate to them and ensure action is taken to mitigate any negative impact of risk. Governof5' Report and Financial Statements IS I P a g e
Key Risks for Hallift>rd School Ability to maintain the number of students Focus on the USP of the School, resource, and market on roll. effectively. Continue to invest in marketing and data driven research tools. Increase offering to students in music, art, drama and sport. Increase quality of co-curricular offering potentially with external providers before and after school. Continue to invest in the facilities available at school inside and outside. Focus on Sixth Fomi retention, events and opportunities for prospective students. Increased cost pressure and ability to Governors continue to tightly rnonitorthe financial position generate future surplus. of the School through regular reporting and review. Key controls in place for strategic plannin& budget | management and management accounting. Retain key aca(lemic and support staff. Continue to review the newly implemented Academic Pay Policy put in place September 2025. Continue to benchmark competitors using eternal pay reviews conducted by ISBA. AGBIS & Baines Cutler surveys. Continue to review the newly implemented DC Scheme introduced to academic staff September 2024 whilst allowing TPS to remain. Failure to tomply with legislation in There is robust scrutiny of all safeguarding procedures by particular Safeguardin& Health and Safety Governor review required by law for the protection of and Employment laws. children and vulnerable adults. DSL Team has increased in size and are provided with support and training. All stsff have regularongoing training. Increasing cyber risk in school and the Outsourced IT Provision providing robust knowledge and Possibility leading to loss of dats. potential skills, software experience and data storagel recover data breach and fraud. facility. Additional training for staff in information securty and data protection. Governors, Rewrt and Financial Statements 16 | P a g e
Statement of Governors, Responsibilities For the year ended 31 August 2025 The Governors Iwho are a150 directors of Halliford School Limited for the purposes of company lawl are responsible for preparing the Governors, Anrbual Report and the financial statements in accordance w¢th applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the charitèble company and of the incoming resources and application of resources, including the income and expenditufe, of the charitable company forthat period. In preparing these financial statements. the Governors are required to- • select sultable accounting policies and then apply them consistently: • observe the methods and principles in the Charities SORP 2019 IFRS 1021," make judgernents and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unles5 it is inappropriate to presume that the charttable cornpany will continue in operètion. The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements comply WFth the Companies Act 2rJ)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as, the Governors are aware: There is no relevant audit inforniation of whtch the charitable companvs auditor is unaware; and The Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Governors and Strategic Report approved and signed on its behalf by KH Woodward Chairman Date Governors. Report and Financial Statements 171 P a g e
Independent Auditorfs Report to the members of Halliford School Limited For the year ended 31 August 2025 Opinion We have audited the financial statements of Halliford School {'the charttabbe companv) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet and Statement of Cash Flows and notes to the financial statements. including signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Rewrting Standard 102 The Financial Reporting Standard applicable in the LJK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pratticel. In our opInn the financial statements: give a true and fair vtew of the state of the charitsble companrfs affairs as at 31 August 2025 and of its income and expenditure. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act. Basis for opinion We conducted our audit in accordance with International Stèndards on Audtting IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditin8 the financial staternents. we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identFfied any material uncertainties relating to events or conditions that, individually or collectivety, may cast Significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othenvise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. Governors, Report an(1 Financial Statements 18 | P a 8 e
Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audtt or otherwise appears to be materially misstated. If we identify such rnater1 inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to rewjrt that fart. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the Vrk undertaken in the course of our audit the information given in the tru5tees' report. which includes the directors. rewrt and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepored is consistent with the financial statements. and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identtfied material misslatements in the strategic report or the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 21YJ6 requires us to report to you rf. in our opinion: adequate and proper accounting records have not been: or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustees. remuneration spectfied by law are not made- or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trustees As explained MO fully in the trustees. responsibilities statement set out on page 17, the trustees (who are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitsble companvs ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the charitable company or to cease operntions. or have no realistic alternatrve but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain asonable assurance about whethef the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in Governors, Report and Financial Statement5 191 P 3 8 e
accordance with ISAS IUKI will always detect a materièl misststement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the a8Bre8ate, they could reasonably be expetted to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irreÉularrties. including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the finoncial statements is located on the Financial Reportin8 Council's website at: www.frc.or auditorsres onsibilities. This description form5 part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularities. including f raud Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities. whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks. includin8 obtainin8 audit evidence sufficient and appropriate to provide basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those lav and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity SORP IFRS 1021, and tax regulations. We a5ses5ed the required compliance with these laws and regulation5 as part of our audit procedures on the related financial statement items. In addition, we considered provIsnS of other laws and regulations that do rt have a direct effect on the financial statements but compliance with which might be necessary to the charitsble companrfs ability to operate or to avoid a material penalty. We also ton5idered the opportunities and incentrves that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context were The Education Ilndependent School Standards) Regulations 2014. General Data Protection Regulation IGDPRI, Health and Safety le8islation. Taxation legislation and EmpSoyment le8151ation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other rnanagement and inspeCtn of regulatory and legal orrespondence, rf any. We also considered the opportuntties and incentives that moy exist within the charitable company for fraud. We identified the greatest risk of material impact on the financial statements from irregLElarities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities. sample testing on the wsting of journals, substantive testing on non- fee income, reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detetted some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations lirre8ularitiesl is from the events and transactions reflected in the financial ststements. the le55 likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, for8ery. intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-tompliance and cannot be expected to detect non-complvance with al Governors, Rert and Financial Statements 201 P a g e
laws and regulations. Use of our report Thi5 report is made solely to the charitable companrfs members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companrfs members those matters we are required to stste to them in an auditorfs report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companls members as a body, for our audit work. for thi5 report, or for the opinions we have fornied. Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date-. 11 Dember 2025 Governors, Report and Financial Statement5 21 | P a g e
Halliford School Limited Statement of Financial Activities Ilncluding income and expenditure account) For the year ended 31 August 2025 Totsl Funds T4ts1 Funds Notes Inrome Iro tknnations & Legaues Investment Income Income frorn school fees Total Inwme 321.531 11,43&786 323.928 11.436.786 167.6f 213,575 9.853,7C6 10.129.517 Eypendtture on Charitable Activitie5 To>1 Experyhttvt lQ147.7% L247 iQ149,043 9,129.LWI 9.129.081 Plet IncornelexpEndltyrEI L617 1614617 GalRslllossesl on revaluation of fixed assets Li11486 Net Movernent in Fund5 Total Fund5 broughtforward L617.ffj7 15.228,271 L6W617 ILbl.323 15.415.959 2.U3,153 13,302,fl Fund Balanthsat31AuKu5t25 1(4626 17.IW)6 4415.959 Governors, Rewrt and Financial Ststements 221 P a g e
Halliford School Limited Balance Sheet As at 31 August 2025 Company Number IXJ575324 21123124 Total Total Notes Fi¥ed Assets Tangible Assets 17,572,292 17.572,292 16.743.052 16,743.052 CurrentAssets Slocks Debtor5 Cash at bank and in hand Short terrn deposits 147,593 3,816, 3.475.943 4.210.CQ2 11.6XJ.X 2..936 5,TrJ,(X)2 8,952,636 Credltors.. amounts fallin8 due wiihin one yeaf Net Current Assets &446.CÉ7) 5.2(11.417 13,232,332) 5,720.3¢ Total A55ets le55 cuffEnt liabilitie5 U776,7O3 22,463,356 Creditots.. amount5 falling due after more than one year 15.7411331 17,rJ17.3971 Total Net Assets 17,034,576 15.415.959 Funds Unrestrirted Fund5 Restricted Funds £ndowment Funds 16.845.738 83.212 IOS.626 15.228.271 83.365 l(M.323 Total Funds 17,034.576 15.415,959 The Financial Statements were approved by the Board of Governors on 18 November 2025 and signed on its behalf by.. odward Chairman Governors, Report and Financial Statements 23 | P a g e
Halliford School Limited Statement of Cash flows For the year ended 31 August 2025 NetUsh Inflowlrorn opertin£artivitie5 9W229 5,(87.691 Cash flows from investing activities: Purchase of property. plant and equipment Interest received Nel cash used In Investingacti¥itie5 11428.6311 323.928 14M4703) 11361.7ni 213,575 1114&1961 Cash flow5 from finanang artivities: Repayment5 of borrowing IBank loanl Cash inflows from new bormwing Interest paid Net ash used In flnanclngactlvltles 1336.4131 I387.8) 1510,933 1231.2831 89L850 1238.1051 {574518 Change in cèsh and tash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and tash equivalents at the end of the reporting period I7.9)3) 8,446,938 7,64945 3.84L346 4,605.592 &446,938 Govemors, Rewrt and Financial Statements 241 P a g e
Halliford School Limited Notes to the Financial Statements For the year ended 31 August 2025 Accounting Policies a. Basis of Preparation The financial statements have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting SLindard applicable in the UK and Republic of Ireland IFRS 1021 effective January 2019 - Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2(K6. Halliford School Limited meets the definition of a public benefft enttty under FRS 102. Assets and liabilities are initially recognised at historical c05t or transactÈon value unless otherwise stated in the relevant accounting policy notes. The accounts have been prepared on a going cOnrn basis as there are no material Ltncertainties surrounding the charitable companws ability to continue as a going concern. b. Income Income from charitable activities relates to gross fees charged for the school year ending 31 August 2025. School fee5 are accounted for in the pertod in which the service is provided. Fees receivable are before (leduction for bursaries and scholarships granted by the school. Fee income received in advance is deferred. t. Expenditure Expenditure 15 recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required. and the account of the obligation can be measured reliably. Expenditure on charbtable activities relates to tuition costs. support costs including depreciation, school running costs and governance costs. and bursaries and scholarships awarded to students. d. Tangible Fixed Assets Tangible assets excluding land and buildings are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and the costs directly attributable to bringing the asset to tts working condition for its intended use. The capitslisation threshold, with the exception of computers, which are treated as a group asset. is £l.(KQ. Land & buildin Land and buildings include freehold property and are measured at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Go¥emors' Report and Financial Statements 251 P a g e
De reciation Land is not depreciated. Depreciation on other assets is calculated, using the straight-line method. to allocate the depreciable amount to their residual values over their estimated useful lives. as follows: Freehold buildings Additional building costs Plant and machinery IT luser interface) IT1Server5 etcl Vehicles 50 years 15 years 5- 10 years. plus a piano depreciated over 20 years 3 years 5 year5 4years Assets under construction are not depreciated until they are cornplete and in use. e. TatIon The School, as a registered charity. is able to take advantage of the tax exemptions available to charitie& Accordingly, there is no corporation tax payable on the net incoming resources. f. Financial Instruments Financial assets and financial liabiltties are recognised in the balance sheet when the company becomes a party to the contraciual provisions of the instrument in accordance with the substance of the contrartu31 arrangements entered into. Trade and other debtors and creditors are classified as basic financial instrumentsand at initial recognition are measured at transaction price. Debtor5 and creditors are subsequently measured at amortisetl cost Using the effective interest rate method. A provision 15 established when there is objective evidence that the school will not be able to collect all arnounts due. Cash and cash equivalents are classified as basic financial instruments an(1 comprise cash in hand and at bank and bank overdrafts which are an integral part of the school's cash management. A financial liability in the form of a bank loan is included in creditors due within one year and creditors falling due after more than one year. Bank loans are initially recognised at the transaction price including transaction costs. Subsequently. they are measured at amortised cost using the effective interest rate method, less impairment. Details of carrying amounts. terms and conditions of the loan, security and interest expensed in the Ststernent of Finantial Activities a included in note 51. g. Stock Stock held relates to IT device5 available for sale to st¥Jdentslparents for LEse in education. Stock is valued at the lower of cost and net realisable value. Stock is held as part of a charitable activity and is provided at a subsidised cost. In line with Charities SORP IFRS 1021. net realisable value is based on the service potential provided by the item of stock and is not written down unless stock is damaged or obsolete. h. Pension Schernes The School contributes to the Teacher< Pension Scheme 1.the TPS") for some of its academic staff. The pension charge for the year includes contributions payable to the TPS of £511.13112024.' £754,428). In Govemors. Rewrt and Financial Statements 261 P a g e
Septernber 2024 acadernic slaff were 1150 given the option to joln an alternative defined contribution scheme. These contributions are accounted for in the period in which they relate. The TPS is an unfunded multiomployer defined beneffts pension scheme governed by The Teacher Pensions Regulations 2010 las amended) and The Teachers, Pension Scherne Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contributions from mernbers and the employer being credited to the Exchequer. Retirernentand other pensKJn benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretsry of Stste following scheme valuations undertaken by the Government Actuarfs Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. For non-teaching staff the School operates a stakeholder pension scheme managed by Royal London. These contributions are accounted for in the period in which they relate. Key Sources of Estimation Uncertainty and Judgement The preparation of financial statements in confomiity with the statement of recommended practice requires management to rnake estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilitie5 at the balance sheet date and the rewrted amounts of revenues and expenses durin8 the reporting period. There Is estirnation uncertainty in calculating the bad debt provision. A full review of fees receivable is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provision Is as accurate as possible, there remains a risk that the provisM)ns do not match the debts that prove to be ultimately irrecoverable. There is estimation uncertainty in calculating depreciation. A full line by line review of ftxed assets IS carried out by management. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of assets and that estimates for resldual amounts recoverable may differ. Govemors, Report and Financial Statements 271 P a g e
staternent of Flnancial Activitie5- Unrestricted Funds Com aratlves to SOFA frorn Umstrided Fund5 Funts Tot Fwds Toia Funds 15¢ 14otes Inclirneand Endowmentslrom L>)nanons & Legaue5 Investmentlncon Incorningfrom chaiitsble 6L667 2111921 L3,107 213.575 447.9¥J lQ447.9YJ 9.491,776 7U172 159L329 ndiiure on thontable Activitie5 School Seite$ Support Costs Bur5ane5ané Scholar5hip5 Trrta P2sowres E¥pendEd 5.5C4844 3.621237 5Y.2 4,.028 1kn.421 $40.151 162Q762 L475 NetlnrornelexpEndibJRland Ttan5fer between fvnds Gainslllossesl on revaluation ffixedasse IID,486 NetM¢mThrfiD Fwds Total Fufflds brou8htforwwd zits353 30Zf 725 IOL837 S4877 Fd 8aanttsatXAwust Income and Endowmentsfrom a. Donations & Legaaes £6,0 in donations were receNed from the PTA Events organised by the PTA over the last two years raised funds to support student activities. b. Investment Income Represents the interest earned on Funds. Governors. Report and Financial Statements 28 | P a 8 e
Unrestricted Incorne frorn Charitable Activities This represents school fees receivable and other educational income. The School'5 fee income cornprises: Gross Fees Less bursaries. scholarships and staff discounts lQ924.823 1795,3591 .U9.465 9.675,IfAJ 1594,2251 9JJKI,935 Anallary Income Other Income 744730 24,(MO 459,259 LJl7.321 Incorne from Chèritable Acll¥ille5 786 9,851705 Anollary Income includes Income from Caterin& Coach 5ety1 and IT Equiprnent. enditure on Chaiitable Activities d. Expenditure Totsl 2024 Charftable AclSvSlles Teaching Welfare Premises Support and Gowemance Cosis 4.707.8n 357.659 I.SY).715 242. 891073 948.241 6,254586 El#).541 L689,973 1.59).943 5.SC6.844 514,653 1.776.078 L331.507 9.119,Q81 65L702 5.9W440 e. Employees stC0Sts Wage5 and Salaries social secuThty costs Pension Costs Other Costs 4.432.310 3..70 420.933 87&797 85,554 5.358(IZ4 932.L¥14 4S.736 Governors, Rewrt and Financial Statements 29 | P a g e
Average Numberof Empli>yee5 Teaching Other 37 Cost of key management personnel (Senior Management Team) included above is £9(X).512 12024= £853,206). During the year there was l Redundancy and Termination paymerst totalling £12.244 12024= £01. No amounts were outstanding as at 31 August 2025. The following number of employees received benefits totslling between: £EI],CO] and £70.CO] £70,Wl and £80,(XKI £W,(XJl aftd £90.LU) £,[x)I and £l(K),(XXJ £i(J),(K)l and £IIO,(XM) £IIO.DJl and £130.( £130,tJJl and £140,cro Govemors. Report and Financiol Statements 301 P a g e
Movement in Funds A detailed breakdown of the movement of the Endowment Funds, Restricted Funds and Designated Funds 15 shown below: a. Current Year Movement Endowment and Restrirted Funds Baae at 31Aug 24 Inc¢xnlng Resources BalarKe at Resources Expended 31Au8 25 Endowment Funds Endowment Funds Totsl Endowment Funds 1(fv1,323 I,X13 105.626 105.626 Bursary and Scholarship5 A.J. Vincent Hardshlp Burs Fund Fee donations Restrfrted Donatlons Music department Prizes and Awards A. Hitchens- Memorial Guy Valadon- Single Science J Hobbs- Memorial John Crook John Lewis- History Ken Russell - Trophy Neil Jones- Memorial Fund Norma Cook-senior Latin Peacock-iatin Peter Groves-Chemi5try WendySimmons-MFL Bahadur Sunderjl- Further Maths Crosby- Maths Prize Valerie Brookin8- History Prize Oliver GrifFin- Government and Politi Totsl Prizes and Awards 71974 73.942 12 1.027 L174 14¥2 2,511 1,203 L240 991 1241 19 74 83 144 554 578 352 43 325 335 {611 IB7 Total Restricted Funds L247 81212 Governors, Report and Financial Statements 31 | P a g e
Prlor Year Movement Endowrnent and Restricted Funds Balance Incoming Resour 31Aug Z4 Resouries Expended Balance at 31 Aug 24 EndoThent Funds Endowment Funds Total Endowment Funds Iin,837 I.&37 IIM.323 1(4323 Bursaryand Scholarshlps A.J. Vincent Hardship BUary Fund Fee donations Restrlcted Donatlons Music department Prlzes and Awards A. Hitchens- Memorial Guy Valadon- Single Scien J Hobbs- Memorial John Crook John Lewis- History Ken Russell - Trophy Neil Jones- Memorial Fund Norma Cook- Senior Latin Peacock- Latin Peter Groves-chemistry WendySimmons-MFL Bahadur Sunderii - Further Maths Crosby- Maths Prize Valerie Brooking- History Prize Oliver Griffin - Government and Politics Totsl Priies and Awards 71.926 71974 3.676 L475 1201 2.476 20 15 1492 1185 L241 17 L243 87 74 102 144 561 81 62 335 1611 83 1451 iii Total Resorlded Funds &168 Governors, Report and Financial Statements 32 | P a 8 e
b. Designated Funds At each year end, the governors determine how much fvnd5 if any are to be designated for the purpose of funding future capital projects and/or are released to fund existing projects. In order to meet the reserves required by the Charities Commisslon guidance the School maintains £2,(KJ3,963 at all times. The Governors review the finances, budgets and spend of the School on a termty basis against the budget as part of the effective financial management of the School. Unrestricted funds available in 2025 are £13.972,712 {2024 £12,447.5851 and a proportion of this has been allocated and rin8 fenced for future capital projects. Balance Sheet a. Fixed Assets Landand Assets Lwbder Fwninye and (ryter IAwVehldÈ% T*xal Funds Co At OV¢024 Additions Disposals gec1355ifiration of Assets At 3Y(W025 14Q¢MX) 761111 L337.044 IQC66 1512591 143.440 57&537 $61 1512181 17& 1&236,618 1,428.6 1111.4781 1.86Q759 763.870 epredauon At OVIW2024 Char8e foi theyear Elimination on di5pJsal J.4W,626 597.694 JC8.7WI L981.539 17&8>J 15L5621 32.t61 158.2181 44.225 At3yIW2025 NetBookV4lue AtOVLY312024 At3VW202S 14.14QLD) 388.516 45SJbl .458 I.8 1fi743.05Z 17.sn.292 b. Flxed Asset Disclosure5 Freehold Land and buildin The Land and Buildings were revalued in March 2024 by Gerald Eve. LLP an independent valuer. The property has been valuetl on the basis of Market Value for the property as a fully equipped operational entity, for Loan Security Purposes. Evidence of freehold and leasehold transactions of other schools and similar properttes wefe analysed, adjusted. and applied to the property held by the chartty. Their valuatlon is £14.140.( If freehold land and buildings had not been revalued. it would have been Included at the following values.. Governors, Report and Financial Statements 331 P a g e
Aggregate Historic Cost Aggregate accumulated depreciation Aggregate carrying amount 14.174.887 13,555.216 3.372,CP38 3,(B2.3fll IQWI789 10,462,856 The property was purchased in 1956. Depreciation ha5 only been charged on the property since the year ended 31 August 2(KJ2 in the financial statements. therefore the above calculations are based on depreciation charged from this date. Included in ICT are fixed assets which Vre previously held under two finance leases. These have now both ended. Stock IT Devi5 147.593 147,593 Stock held relates to IT devyces available for sale to students/parents for use in education. d. Debtors Fees Receivable Bad Debt Provision PrepaymentslAccrued Income 3.558.118 140.1191 298,%7 3.816.966 11979 18.1651 295,032 The substantial difference in parent debtors between 2025 ènd 2024 was due to the introduction of VAT and invoices being raised in June 2025 for the Autumn Term of the following academic year. The corresponding deferred income is recognised in creditors on the balance sheet and the output VAT is also a creditor on the balance sheet. Ongoing the variance will be reflectNe of this new presentation and will not generate è substantial variance. Governors, Report and Financial SLitements 341 P a g e
e. Creditors- Amounts falllnE due wlthln one year Deferred Income Fee5 in Advan Scheme Accrued Expenses Trade Creditor5 3.481.520 1.039.446 162.975 248, 537,475 6&8.373 2.964 97,177 23L Taxation and sal Security Othercreditors Bank loan INote 51) 651.725 270.148 124332 f. Deferred Incorne Deferred income comprises fees paid upfront relating to the year ended Au8USt 2026. Balance a5 at I September 224 Amount released to income from tharitable activities Amount deferred in year Balance as at 31"August 2025 2318ll 12318111 261373 12613731 231811 534056 23Uii g. Creditors- Amounts falllng due after more than one year Fee5 in Advan Scheme (Note 5hl Other Creditors Bank loan INote 511 LYJ9.211 4.7(Q797 5.1)18,186 7.047.397 h. Fees In Advance S¢herne Parents may enter into a contract to pay the school in advance for fixed contributions towards the tuttion fees for a minimum of two years. The money may be returned subject to specific conditions on the receipt of notice. Assuming students will remain in the school. fees in advance will be applied as follows= Governors, Report and Financial Statements 35 | P a g e
Amounts falling due within one year Amounts falling due afterone year Total 1.039.446 I.tW121 2.107.567 9.222 1,993,211 2.988.433 Summary of mo¥emertts in liability Balance a5 at I September 2024 New Contrarts Refunded Amounts Ltsed to pay fees Balance as at 31AuEust 2024 l98&433 93.297 3.(M)IIMJ 9T2.159 13.657 1988.433 Financial Inslruments Amounts repayable by instalments are as follows- Bank loan payable (falling due within one yearl Bank loan payable Ifalling due in more than one year but les5thzn Sye3rsl Bank loan payable (falling due In rrK& ihan 5yearsl Total 270.148 L2EL).339 3.787.847 5,318,3a4 L336.% 3,363.838 5JTh,705 The bank loans are Secured on the School premises which has a carying Value of £16,966,215 on 31 August 2025 and on all the assets of the company. If any event of default Specified in the terms occurs, then the bank may demand immediate repayment of the loans, all interest accrued and all other sums payable. The School holds a loan with Natwest Bank which commenced in August 2024 for £3,360,l). This will be repaid over 15 years. Interest is accrued at a variable rate of 2.0% above the base rate. Interest costs recognised in 2024125 relating to this loan totalled £165.31512024= £151.7861. The School has a further loan with Natwest Bank for £2.350.(M)). which commenced in February 2022 and will be repaid over 15 years. Interest is accrued at a fixed rate of 3.87%. Interest Costs recognised for 2024125 relating to this loan totalled £72.790 (2024= E79.497)- Govemors. RekK)rt and Financial Statements 361 P a 8 e
Reconciliation of Funds The School's funds are considered below. Fund5'. FuThJ5 To 8alan at Jstsept ))24 NEtKtyernentsinye Transferln theye G¥in511lo55e51 rev8100nO1 fimedassets ealan ar3tsfAu83)25 11447.585 L617.467 1913 1.323 I.fjW617 Lfm.866 iQ486 Comparatives of school fvnds in prior year Fwnd5'. Surs tstsepr XQ3 NetMO¥ementsinar TransttrItst year G71n5111055esl wrevalvionofflxeda5sets aan at31stAug2024 115IIS7 577.29B S35.188 LIS1 Unrestricted funds represent accumulated income from the Schoofs activities and other sources less expenditure that are available for the general purpose of the School. Restricted funds represent donations received from extemal donor5. which are used for prizes and awards each year. A Declaration of Trust established the Endowrnent Fund in 1968. This Trust fund 15 a permanent endowment that is the capital of the Trust fund and cannot be spent. only the income accrued on the capital sijm. k. Analysls of Net A55et5 between Funds- Current Year Funds Fund5 Funds Totsl Tanble Assets CurrentA55ets Creditors due within one year Creditor5'. AmountsfallÉn8due after one year Totsl Net Assets 17.571292 11.461.669 17.571292 IL650.504 16,446.CE71 5.742.133) 105,626 17.034,576 i1,626 15.742.1331 IW%741 Governors, Report and Financial Statements 37 | P a g e
Analysis of Net Assets between Funds- Previous Year Unrestrirted Funds Funds Total Funds Tangible A55ets Current As5et5 CreéitOfS tlue within one year Creditots.. Amounts falling due afterone year Total NetAsse1S 1fi743.052 &764.Y8 13.Zl13321 17.047.397) 2n 16.743.052 8.951636 13.232,3321 17,047.3971 15,415,959 104.323 . a. Reconciliation of net movement in funds to net cash from operating activities Net incomellexpenditurel L618.617 LO)J.8&5 Adju5tmentsAor.' Depreciation Charges Net Interest adjustment Loss/lprofitl on the sale of fixed assets Ilncreasel/Decrease in stocks IlncreasellDecrea5e in debtor5 Increase/ltkcreasel in creditors 597.694 185.8231 1.697 5&259 13,517.1191 2.244. 565.179 17. I93.) 139.5271 3.651653 Net cash wovlded by{used Inl opeMln£xd¥ltles 6. b. Analy515 of rash and 5h equivalent5 Cash ip hand Short term deposits Total cash and cash 3.475.913 4,210,O)2 2.936 S.75.(12 ul¥aents 6.c Analysls of Change In net (debt)/funds Netcash Cash at bank and in hand Shor( term deposits 2.936 5.FAS.C•)2 444fi938 3.475.943 4.210,1K)2 7.6%5.945 ILSqO.CO) 176J.¥43 Debt OebtfallTnBdue within one yezr Debtfallingdue afterone year 12XJ.148] 15,lJ441861 15.3W3341 137,7&)1 I>)7.} 347.389 14.71J).79n 4,628 (s,] Totsl 3.124EI I451.1 2.677.240 Governors. Rert and Financial Statements 381 P a g e
- Operating Leases The total future minimum lease payments under non-cancellable operating leases fall due as follows- Within one year Between one and five year5 More than f ive years Totsl Operating Leases 38,717 59.428 4873 98,145 57.833 The total operating lease expenditure included in the Statement of Financial ActNitles is £25.325 12024.. £30,958).
- Transactions with Related Partles There was no remuneration paid to the Go¥emors in the year {2024.' Nill. nor expenses paid then reimbursed to Governors12024: Nill. There were no other related party transaction5 in the current or prior year.
- Legal Status The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per rnember of the charity. The charitable CoMpanS registered office is included on page 3. Governors, Report and Financial Statements 39 | P a g e